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Cadeler A/S operates as an offshore wind installation vessel contractor, with CDLR American depositary shares each representing four ordinary shares. The company owns and operates jack-up offshore wind installation vessels used for wind turbine generator installation, foundation transportation and installation, maintenance, decommissioning and related offshore construction work.
Recurring company developments include vessel deliveries, fleet utilization, annual and interim earnings, contract awards for transportation and installation work, O&M campaigns through Nexra, financing facilities, private placements, and capital allocation. Cadeler’s updates also cover project activity across offshore wind markets in Europe, Asia-Pacific and the United States.
Cadeler (NYSE: CDLR) has announced the acquisition of a newly-constructed jack-up wind turbine installation vessel (WTIV) named Boqiang 3060, to be renamed as Wind Keeper. The vessel, completed in 2024, features advanced European equipment including a Huisman main crane with 2,200t lifting capacity and 120-meter-long jack-up legs.
The acquisition, fully debt-financed through DNB Bank ASA, will be completed in Q3 2025 at a price significantly below the vessel's replacement cost. The Wind Keeper will undergo upgrades to support new installations in the 15 MW segment and align with Cadeler's existing fleet. This strategic expansion aims to meet growing global demand for offshore wind turbine operations & maintenance services.
Cadeler (CDLR) reported strong financial results for 2024, with revenue more than doubling to EUR 249 million from EUR 109 million in 2023. EBITDA reached EUR 126 million, up from EUR 42 million in 2023. The company achieved a record-high order backlog of EUR 2.5 billion.
Key operational highlights include fleet expansion with the delivery of Wind Peak vessel, successful crane upgrades on Wind Orca and Wind Osprey, and completion of several major projects including the installation of 60 turbines at Moray West in Scotland. The company maintained a 66% utilization rate despite scheduled maintenance.
For 2025, Cadeler projects revenue of EUR 485-525 million and EBITDA of EUR 278-318 million. The company secured significant contracts including projects with ScottishPower Renewables, Inch Cape Offshore, and Ørsted. Additionally, Cadeler raised EUR 152 million through a private placement in 2024.
Cadeler (NYSE: CDLR) has signed a Vessel Reservation Agreement with Ocean Winds for the installation of wind turbine generators at the BC-Wind offshore wind farm in the Polish Baltic Sea. The contract's potential value ranges between EUR 48-56 million. The project involves installing approximately 30 WTGs using one of Cadeler's O-class vessels, with completion scheduled for 2028.
The BC-Wind farm, located 23 km from the Polish coastline, will have a capacity of up to 500 MW. This agreement strengthens Cadeler's position in the Polish offshore wind market, adding to their existing projects including Bałtyk 2 and 3, Baltica 2, and Baltic Power. The Baltic Power project, involving 76 Vestas 15 MW turbines, is scheduled for completion in 2026.
Cadeler has secured two contracts for its newbuild wind installation vessel, Wind Mover, with a total estimated value of up to EUR 75 million. The contracts, signed with undisclosed clients, will commence immediately upon the vessel's delivery in Q4 2025 and cover operations and maintenance activities, along with potential installation work in Europe.
Wind Mover will be the second of two M-class wind installation vessels in Cadeler's newbuild portfolio, following its sister vessel Wind Maker's delivery in January 2025. These vessels are specifically designed to install next-generation offshore wind turbines. The combined agreement spans from Wind Mover's European arrival post-delivery until its next scheduled installation project.
Cadeler reported strong Q3 2024 results with revenue of EUR 81 million (vs EUR 23M in Q3 2023) and EBITDA of EUR 48 million (vs EUR 8M in Q3 2023). The company increased its 2024 guidance, now expecting revenue of EUR 243-253 million and EBITDA of EUR 115-125 million. Fleet utilization reached 86.5% in Q3.
The company welcomed the Wind Peak vessel, delivered on time and within budget. The order backlog stands at EUR 2.386 billion, including new contracts for Bałtyk 2 and 3 projects (EUR 120-144M) and East Anglia TWO project (EUR 360-382M). Total assets increased 46% to EUR 1.828 billion, with equity at EUR 1.132 billion.